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European markets finished sharply higher on Tuesday, after posting staggering losses in the previous session, which has already being dubbed "Black Monday. "
The pan-European STOXX 600 accelerated gains towards the end of trade on Tuesday, provisionally closing higher by around 4.3 percent.
Global markets accelerated gains after Beijing intervened once again on Tuesday, to shore up flagging economic growth in China.
The Chinese central bank said on Tuesday that the benchmark rate for a one-year loan would be cut by 0.25 percentage points to 4.6 percent and the one-year rate for deposits would fall to 1.75 percent. The bank also increased the amount of money available for lending, by reducing the minimum reserves banks are required to hold.
The news came after the close of the Chinese markets. Asian markets continued to see red on Tuesday, with Chinese stocks feeling the pain in particular. The Shanghai Composite closed down 7.6 percent, at the index's lowest close close since December 2014.
Vitor Constancio, vice president of the European Central Bank, said it was too early for his own central bank to respond to the tumble in China's stock market, Reuters reported.
The news from China also boosted stocks in the U.S., which jumped more than 1.5 percent on Tuesday.
Global stocks were also supported by a partial recovery in oil prices. After the European stock market close, light crude traded more than 3 percent higher, above $39 per barrel. Brent crude traded above $43 per barrel.
All companies in the oil and gas sector finished in positive territory on Tuesday, while some of the major commodity players outperforming.
Shares of BHP Billiton shot up to close 5.5 percent higher, despite the mining giant posting an 86 percent plunge in net profit for the year ending June 30. However, the company did say it was confident in the long-term commodity demand.
Antofagasta, the London-listed Chilean copper producer, did even better, with shares closing up 8.7 percent. The company reported core earnings down 49 percent in the first half of the year, hit by weak metals prices, but said it was targeting $160 million of savings in 2015.
Shares in Swiss agricultural chemical maker Syngenta popped around 9.4 percent after reports that U.S.-based Monsanto had increased its offer to buy the company. However, the company pared gains, finishing up near 6 percent.
Meanwhile, the Greek stock market soared to close 9.4 percent, with a number of companies rocketing. Hellenic Telecommunications, for instance, surged to close over 20 percent.